Your daily dose of cryptocurrency news and insights - November 7, 2024

Bitcoin Breaks Records as Election Results Roll In

The cryptocurrency market is witnessing historic moments as Bitcoin shattered its previous records, soaring to an unprecedented $76,400 amid Trump's commanding lead in the 2024 presidential race. The surge comes as markets process the implications of the former president's strong showing, with Trump securing 295 electoral votes to Harris's 226.

The ripple effect has spread across the crypto landscape, with Ethereum climbing to $2,880 and the overall market experiencing a 9% uptick.

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Trump Victory Fails to Lift World Liberty Financial Tokens

In a surprising twist, World Liberty Financial's WLFI token has failed to capitalize on Trump's presidential victory momentum. Despite the broader market euphoria, WLFI has seen remarkably low trading activity, with less than $1,500 in token sales over the past 24 hours.

The project, which launched on October 15th with initial enthusiasm generating $10 million in first-day sales, has struggled to maintain momentum. Total sales have reached $15.2 million, falling significantly short of the original $300 million target. The project has since scaled back its ambitions, now aiming for a more modest $30 million raise.

Experts point to several factors behind the lukewarm response. Kenetic Capital co-founder Jehan Chu highlights the token sale's U.S. restrictions as a major limiting factor, while Two Prime CEO Alexander Blume questions the project's fundamental value beyond the Trump brand association.

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The project's complex revenue structure has also raised eyebrows, with DT Marks DEFI LLC set to receive 75% of net protocol revenues and $337.5 million in WLFI tokens. This arrangement has sparked skepticism even among Trump's staunchest supporters regarding the project's investment viability.

Interestingly, while WLFI struggles, other DeFi tokens are thriving in the post-election environment. Aave has surged 28% in the last day, highlighting the market's selective response to the election outcome. The platform's recent partnership with World Liberty Financial, including a proposal to share 20% of transaction fees and 7% of governance tokens with AaveDAO, adds another layer of complexity to this evolving story.